What is estate planning?

Estate planning is the process of organizing and preparing for the management and disposition of a person's assets and property during their lifetime and after their death. It typically involves creating legal documents such as a will, trust, or power of attorney, as well as making decisions about the distribution of assets and the appointment of guardians or executors. The “term” estate typically refers to property, but estates can refer to any type of assets including cash, jewelry, cars, etc.

Estate planning can also include tax planning and risk management strategies. The goal of estate planning is to ensure that a person's wishes are carried out and that their assets are protected and distributed in an efficient and tax-advantaged manner.

Estate planning involves more than just transferring assets. Your last will and testament can provide instructions for other areas, including what actions you would like to be taken if you become disabled and ensure your values are maintained when your will is followed.

Last updated: January 13, 2023